I am a first time home buyer and I want to take advantage of a home equity loan at the same time or immediately after getting my first home loan. Although I am getting a loan for the full amount of the cost of the house, the house has been appraised for more than I am buying it for, so I believe there should be some equity there, right? Can I take out a home equity loan or home equity line of credit at the same time as my home loan?